Nearpod version available

Grade 9-12

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Lesson

# Earning Credit

### Objective

Students will be able to:

- Define credit score and interest rate.
- Explain how lenders use credit scores to evaluate risk.
- Explain the kinds of behaviors that affect people’s credit score.
- Explain how credit scores affect interest rates for individual borrowers.
- Compare simple and compound interest.
- Use mathematical strategies to calculate monthly payments, given principal and interest rate.
- Calculate how compound interest affects the total cost of a major purchase.
- Compare the total cost of major purchases for people with low and high credit scores.

### Standards

### Concepts

### Resources

### Procedure

Click **NEARPOD VERSION: EARNING CREDIT PART 1** and **NEARPOD VERSION: EARNING CREDIT PART 2 **to access an interactive version of the lesson powered by Nearpod: students interact and respond to questions on their device, and teachers will see their responses in real time!